senior reverse mortgage

Benefits of a Reverse Mortgage

There’s a certain misconception about reverse mortgages. Many believe reverse mortgages are financial tools only those with debt or final distress take. This is untrue. A reverse mortgage is a financial instrument you may use in addition to other financial instruments when you are about to enter into retirement. The reality is that many Americans are unprepared for retirement. However, there are many benefits of a reverse mortgage.

A Few Key Benefits of a Reverse Mortgage:

BeIt gives you access to cash.

It extends the life of other retirement savings by not having to tap into those

Financial counseling is required to ascertain they qualify for the product.

According to Bankrate, “The reverse mortgage is probably one of the most misunderstood programs out there. But, when most people who don’t understand how it works learn about it, the most common thing they say is, ‘Why doesn’t everybody get one?'”

Would you like to take advantage of the many reverse mortgage loan benefits available? Do you think you qualify for a reverse mortgage? Have a look at your options with the help of Mario Quintero of STC Loans. Mario has been in the reverse mortgage business since 2002. His experience is tested and true. Mario has helped thousands of clients secure and supplement their retirement through a reverse mortgage.

Let me be both your trusted Miami realtor and Miami mortgage broker. Let me be your realtor for life.

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami home consultant. Our office specializes in both residential and commercial real estate and financing programs. Let me help you secure a conventional, jumbo, FHA and foreign national mortgage loans. Furthermore, we can help your elderly parents secure a comfortable retirement with a reverse mortgage.

Reverse Mortgage Florida as a Retirement Tool

Will you have enough funds available when you retire? Are you in your early 60’s and still carrying a mortgage on your home? How will you meet your financial obligations when you earn less? A reverse mortgage Florida may be your answer.

According to a recent study by Harvard, “One in five Americans will be older than age 65 within the next 20 years.” Wouldn’t you want to continue living in your home as long as possible? Furthermore, “Homeowners comprise the majority of cost-burdened older households. The number of owners carrying mortgage debt into retirement has increased over the past 20 years.”

As a result, “Since you own a home, your high housing costs might be met with prudent and early financial planning.” This may include planning for a reverse mortgage Florida.

Get educated about your financial challenges. If you to choose to remain in your home, you must address your options.

Why Work with Mario Quintero

Would you like to take advantage of the many reverse mortgage loan benefits available? Do you think you qualify for a reverse mortgage? Have a look at your options with the help of Mario Quintero of STC Loans. Mario has been in the reverse mortgage business since 2002. His experience is tested and true. Mario has helped thousands of clients secure and supplement their retirement through a reverse mortgage.

Get in Touch with Mario

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami home consultant. Our office specializes in both residential and commercial real estate and financing programs. Let me help you secure a conventional, jumbo, FHA and foreign national mortgage loans. Furthermore, we can help your elderly parents secure a comfortable retirement with a reverse mortgage.

Reverse Mortgage Loan Benefits

As a senior citizen, reverse mortgages provide you with a valuable tool. This tool can be used as part of your overall strategy in financial planning for retirement. Reverse mortgage loan benefits are numerous. If you’re looking to supplement your retirement income, have a look at just three key benefits listed below:

#1 You remain the owner of your home.

A common misconception of reverse mortgages is that the lender takes ownership of your home. This is false. You continue to maintain ownership of your home, as long as you comply with the terms of the loan and pay your taxes and insurance.

#2 There are no monthly mortgage payments required from you.

One of the most attractive benefits of reverse mortgages is that payments are made TO you, as long as you live in your home. This is quite different from a traditional forward mortgage where you must pay funds in a monthly amount. With reverse mortgages, you receive funds. The loan is repaid when you sell your home, move to another primary residence, or when the last borrower leaves the home.

#3 Choose from different disbursement options.

Each individual senior has different needs. Thus, there are different disbursement options to cover different needs. This includes the choice to receive funds in a full or partial sum, a line of credit, monthly payments, or a combination of any of these.

These are only a few of the many reverse mortgage benefits. For a complete view of how a reverse mortgage can benefit you in your particular situation or to learn more about reverse mortgage pros and cons, call us at American Advisors Group. Your Reverse Mortgage Professional will sit down with you and go over a customized financial strategy in order to take full advantage of all the benefits a reverse mortgage has to offer you.

Why Work with Mario Quintero

Would you like to take advantage of the many reverse mortgage loan benefits available? Think you qualify for a reverse mortgage? Have a look at your options with the help of Mario Quintero of STC Loans. Mario has been in the reverse mortgage business since 2002. Because of this, his experience is tested and true. Mario has helped thousands of clients secure and supplement their retirement through a reverse mortgage.

Get in Touch with Mario

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami home consultant. Our office specializes in both residential and commercial real estate and financing programs. Let me help you secure a conventional, jumbo, FHA and foreign national mortgage loans. Furthermore, we can help your elderly parents secure a comfortable retirement with a reverse mortgage.

What is a Reverse Mortgage Home Purchase

Many older homeowner’s have taken advantage of reverse mortgages as it has allowed them to refinance their existing mortgage or increase their cash flow and remain in their home, mortgage free. Many retirees don’t realize, however, they also have the opportunity to purchase a new home with the HECM reverse mortgage purchase program. Often, people use this tool to buy a home they couldn’t otherwise afford while still eliminating mortgage payments. Utilizing this tool, you can realize the benefits of a reverse mortgage with no monthly mortgage payments. And, you can move to a new home all in a single transaction.

Requirements

To qualify for a reverse mortgage home purchase, you must be at least 62 years old. If you have a younger spouse, you can take advantage of the new non-borrowing spouse rules for the FHA Insured HECM Reverse Mortgage. The down payment is higher than traditional mortgages because you don’t have to make mortgage payments. Because of this, the equity in your home is used to pay the loan back after you leave the home permanently.

Since you make no payments while you live in your home, you must have equity from the onset. The younger you are, the more money you need to contribute because of your longer life expectancy. The income qualification is lower than traditional mortgages because there are no mortgage payments added to your debt ratio. With new guidelines in place, you must show a good payment history for past housing and debt expenses.

Eligible Properties

Eligible properties are single family residences, new construction where certificate of occupancy has been issued, HUD approved condos and townhouses. Down payment sources include cash from savings and investments, gifts from family members or proceeds from the sale of an existing home or asset. Funds that are borrowed such as seller financing or credit cards are not allowed as a funding source, nor would a subordinate lien be allowed. Closing costs must be paid by the buyer. Seller concessions are not allowed. Once appraised and inspected, if repairs are necessary, the seller must complete these prior to closing.

Most people want to live in nicer homes, at any time of their lives. Why not do so through this instrument allowing you that ability?

Get in Touch with Me

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami home consultant. Our office specializes in both residential and commercial real estate and financing programs. Let me help you secure a conventional, jumbo, FHA and foreign national mortgage loans. Furthermore, we can help your elderly parents secure a comfortable retirement with a reverse mortgage.

Hurricane Preparedness Tips

Preparing in advance is ideal. However, what better time to reinforce and share hurricane preparedness tips than right as one is about to strike? If there can be a positive about an imminent hurricane strike, having plenty of time to prepare for one is a hurricane’s benefit as opposed to other natural disasters.

Another positive about a hurricane is that Floridians have much experience with these. Floridians have been hit by hurricanes regularly throughout the years. Hurricane season extends between June 1st and November 1st. As we speak, Florida is about to be impacted by the first major hurricane in over a decade. Traveling as a Category 4, Hurricane Matthew bears great strength, also extending over 500 miles wide.

Moreover, the following two websites provide the latest details on final check list preparations. Both NOAA (National Oceanic and Atmospheric Administration) and the National Hurricane Center offer useful tips to guide you with hurricane preparations. You may access this website here.

The U.S. government also provides excellent resources on how you may prepare your home in the event of a hurricane. You may access this website on hurricane readiness and preparedness here.

While much of the information on these two sites are the same, have a look at the most important factors to keep handy below:

Tips:

Prepare before hurricane season starts. Pacific hurricane season starts May 15 and Atlantic hurricane season starts June 1.

Get in Touch with Me

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami home consultant. Our office specializes in both residential and commercial real estate and financing programs. Let me help you secure a conventional, jumbo, FHA and foreign national mortgage loans. Furthermore, we can help your elderly parents secure a comfortable retirement with a reverse mortgage.

The Condo Reverse Mortgage

Do you own a condo? Are you over 62? Soon, you may be able to qualify for a condo reverse mortgage, if the FHA proposed rules become enacted.

“In response to changing conditions in the condominium market, the Federal Housing Administration (FHA) today proposed new rules that would allow individual condo units to become eligible for FHA financing, including Home Equity Conversion Mortgages (HECMs), an agency spokesman confirmed to RMD,” according to Reverse Mortgage Daily.

The agency further went on to state, “FHA’s intent is to modify its condominium rules to ensure financial soundness and project viability, but in a manner that is more flexible where possible and responsive to the market.”

Further excerpts from Reverse Mortgage Daily:

FHA currently requires that approved condos have a minimum of 50% of the units occupied by owners. Through this proposed rule, FHA is specifically inviting comments on this issue and is proposing to establish an allowable range between 25-75%.

“While having too few owner-occupants can detract from the viability of a project, requiring too many can harm its marketability,” FHA stated in the release. “The range allows FHA to choose a specific percentage that is responsive to future market changes.”

An individual unit may be eligible for single-unit approval if it meets a variety of criteria, including that the condo is not a manufactured home and is located within a project that has at least five dwelling units.

Projects approved under this rule are fully completed.

The proposal is the latest move by FHA regarding its condo financing policies.

Get in Touch with Me

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami home consultant. Our office specializes in both residential and commercial real estate and financing programs. Let me help you secure a conventional, jumbo, FHA and foreign national mortgage loans. Furthermore, we can help your elderly parents secure a comfortable retirement with a reverse mortgage.

What is a Miami Reverse Mortgage?

Do you know how a Miami reverse mortgage works?. You may or you may not.

Are you over 62 years old? Interested in eliminating your monthly mortgage payments? Looking for income for life?

A Miami reverse mortgage loan is available to seniors who are above 62 years old. One function of the Miami reverse mortgage is designed to help seniors eliminate their monthly mortgage (in the event they still have one). There must be enough equity in the property to qualify. The Miami reverse mortgage allows seniors above 62 to transform a part of their home equity into immediate cash. This eliminates the need to sell your home. It also eliminates your need to refinance.

Moreover, a reverse mortgage loan allows you to access your accumulated home equity. Through this financial instrument, you don’t have to make payments on the reverse mortgage. Because of this, payments are deferred until you pass away or you vacate your property. This is an amazing opportunity for you, as a senior citizen. Why? Because you are not required to make a mortgage payment. You don’t have to pay any interest. Still, you must continue to have homeowner’s insurance. And, you must pay the yearly property taxes due on your home.

What Mario Quintero Can Do For You?

If you are still confused about what a Miami reverse mortgage loan is, contact me here. Call me at 305-598-1600. I’ve helped thousands, like you, secure financing through mortgage loans since 2002.

Get in Touch with Me

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami home consultant. Our office specializes in both residential and commercial real estate and financing programs. Let me help you secure a conventional, jumbo, FHA and foreign national mortgage loan. Furthermore, I can help your senior parents secure a comfortable retirement through a reverse mortgage.

Who Qualifies for a Florida Reverse Mortgage?

A Florida reverse mortgage is a unique financial instrument designed to benefit property owners age 62 and older. Though we help individuals with all types of loans, Miami-based Strock & Tanner Mortgage specializes in a Florida Reverse Mortgage. Typical clients for a Florida reverse mortgage are senior citizens who are searching for a method to tap their home’s equity without being required to repay the loan while they still live and reside in their home.

How does a Florida reverse mortgage work?

A reverse mortgage pays you by returning you the equity in your home. You do not have to repay the proceeds until death. So, you may live in the home comfortably without making mortgage payments. You are still responsible for insurance and taxes. Many Florida seniors are you using a Florida reverse mortgage today in order to offset their retirement. This tool allows for the optimum quantity of flexibility to resolve your specific financial requirements and needs.

Say, for instance, you need to pay healthcare expenses or any other regular payments to help subsidize your monthly income and earnings. Unlike standard and traditional home equity loans, you do not have to repay a Florida reverse mortgage until you die. You must continue living in this house, however.

The accumulated interest plus any money the loan provider has actually paid you becomes due and must be paid accordingly. If you would like to know more about our services, please visit our company website or contact us in this link: http://stcloans.com/MessageUs.php.

Interested in learning more about a Florida reverse mortgage? I’m Mario Quintero, your mortgage & realtor for life. Let me be your Florida home consultant. Our office specializes in both residential and commercial real estate and financing programs. We help you secure conventional, jumbo, FHA and foreign national mortgage loans. We can also help your elderly parents secure a comfortable retirement with a reverse mortgage. Contact me today at 305-598-1600.

Just yesterday the Fed announced they may very well still raise interest rates in one or both of their remaining meetings this year.

What does this tell us? Historically, it’s the absolute best time to refinance your home. Never in history have interest rates been this low and attractive. Think what you can do with the money you would be saving? At the end of the day, you could practice good ol’ American consumerism by injecting your savings back into the economy. It’s what Americans are known to do…

At Strock and Tanner Mortgage, we specialize in all types of home loans, mortgages, refinances and reverse mortgages. We have experience in all ends of the real estate market, from realtors, to loan officers, to in-house servicing. We can handle all your home purchase and financing needs.

If you’re in the market to purchase a new home, refinance and existing property, obtain a reverse mortgage on the equity in your home, your seniors parents home, or a friend or family member, call us at Strock and Tanner Mortgage to help you convert your dreams into reality.

Want to see stories of satisfied clients? Have a look at our album of successful closings here. It’s our business to make your real estate goals into reality. We are licensed in the entire state of Florida and can help you regardless of your location. Join thousands of satisfied clients.

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami, Florida home consultant. Strock and Tanner Loans specializes in both residential and commercial real estate and financing programs. We help you secure conventional, jumbo, FHA and foreign national mortgage loans. We can also help your elderly parents secure a comfortable retirement with a reverse mortgage. Call me today at 305-598-1600.

There are many uses for a reverse mortgage. Most people are under the belief that reverse mortgages are only to be used by seniors who need income in retirement. While this is the prevailing concept behind a reverse mortgage, it’s by far the only use for the same.

Several sites throughout the internet will detail for you the many creative ways a senior citizen may use a reverse mortgage. If you have a look at the following piece by reversemortgage.org, you’ll see 25 uses for a reverse mortgage, including paying off your existing mortgage, cover monthly expenses, covering health insurance, paying for long-term care, subsidizing your retirement, among many others.

According to Mortgage 101, the most common uses for a reverse mortgage are buying the second home of your dreams, college expenses for a child or grandchild and life insurance in order to leave a sizable inheritance to your heirs.

Just this week at Strock and Tanner Mortgage, we closed on a reverse mortgage for a client who is using the funds to subsidize not only her retirement income, but to actually launch her retirement dream business. Yes, this lady has a fantastic business idea for which you needed funding. What better way to fund this idea than to tap the equity with the money she’s paid into her home over a lifetime?

Are you or your senior parent interested in a reverse mortgage for any of the reasons listed above?

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami, Florida home consultant. Strock and Tanner Loans specializes in both residential and commercial real estate and financing programs. We help you secure conventional, jumbo, FHA and foreign national mortgage loans. We can also help your elderly parents secure a comfortable retirement with a reverse mortgage. Call me today at 305-598-1600.